South Korean LNG project developer EPIK Co has appointed Australia and New Zealand Banking Group Limited (ANZ) to serve as financial adviser for its Newcastle GasDock LNG import terminal in New South Wales
ANZ will provide debt and equity advisory services for EPIK’s floating storage and regasification unit (FSRU) project at the Port of Newcastle in New South Wales (NSW) in the lead up to an FID anticipated for mid-2020.
In August, the Government of New South Wales declared EPIK’s Newcastle GasDock LNG import terminal project as "critical state significant infrastructure", recognising the project for its importance in providing long-term energy and gas security to the region.
EPIK managing director Jee Yoon said that with ANZ’s assistance, the company would be “able to secure optimal capital resources for the project, allowing us to provide the most competitive supply to the region.”
Located in the Port of Newcastle, the Newcastle GasDock project will incorporate a 170,000-m3 FSRU, a dockside jetty and a pipeline lateral connecting the FSRU terminal to an interconnection point on Jemena’s Sydney to Newcastle pipeline, providing direct access into the Sydney Short Term Trading Market.
The Newcastle GasDock terminal will be capable of supplying more than 80% of NSW’s current gas demand, with the potential to increase throughput as demand requires, according to EPIK. Existing domestic gas supply and pipeline constraints compound the need for the Newcastle GasDock terminal in NSW, which currently imports approximately 95% of its current gas at considerable expense from other states.
Subject to receiving all regulatory and planning approvals, the project is expected to begin operations in H1 2021 and represents an investment of approximately A$250M (US$170M) in NSW in addition to the value of the FSRU.
© 2023 Riviera Maritime Media Ltd.